Global Courant 2023-05-26 16:37:00
Main image: Citywire. Jeanette Marais becomes South Africa’s first female CEO in the life insurance industry
Momentum Metropolitan Holdings, one of South Africa’s leading financial services companies, has appointed Jeanette Marais as the life insurance industry’s first female CEO, making history. Marais, who has been deputy CEO of the group since 2018, will take over as CEO on August 1. Her appointment is significant as she is the first woman to lead a major publicly traded life insurance company in the country.
This announcement comes nearly a year after Lizé Lambrechts, the insurance industry’s only other female CEO, announced her retirement in July 2022. Lambrechts, on the other hand, took the position of CEO in Santam’s short-term insurance division after leading the prominent business unit of Santam. Sanlam. , Sanlam Personal Finance. Marais, on the other hand, will succeed Hillie Meyer, who was brought in alongside her as a “fixer duo” to stabilize Momentum Metropolitan Holdings during a difficult period. Meyer, who has had a five-year contract since February 2018, will retire on September 30.
Meyer and Marais took over at a time when the company was in dire financial straits. In its first year under their leadership, the company posted its worst financial performance in its history, with profits down 12%. The margin on new business, which had shrunk to 0.7%, was of particular concern, pointing to minimal profitability of newly sold policies. In comparison, competitors like Sanlam had margins of more than 2%.
Despite these initial challenges, Meyer and Marais managed to get the company back on track. Despite the disruptions caused by the Covid-19 pandemic, they have successfully increased the normalized total revenue of Momentum Metropolitan Holdings in June 2022 from R2.8 billion to R4.4 billion over five years. Meyer proudly proclaimed that they had finally regained momentum. During this time, Marais oversaw the expansion of the firm’s investment business, including Momentum Investments, Momentum Distribution Services, Consult by Momentum, and Momentum Money.
Momentum Investments grew tremendously under Marais’ leadership. Normalized total profit for the company more than tripled from R271 million in fiscal year 2018 to R940 million at the end of the group’s fiscal year 2022. In addition, the value of the new company has risen from R80 million to R346 million over the past five years. Marais comes to her new role with a wealth of experience having worked at Momentum from 1990 to 1999. She holds a Bachelor of Science degree from the University of the Free State and an Executive MBA (cum laude) from the International Institute for Management Development in Lausanne, Switzerland.
Commenting on Marais’ appointment, Paul Baloyi, Chairman of the Board of Momentum Metropolitan Holdings, expressed his satisfaction with the selection process and stressed the importance of this breakthrough in diversity. Baloyi highlighted Marais’ contributions to the company’s strategy and evolution since 2018, highlighting her deep understanding of the company and its culture. Acknowledging the difficult work environment, he praised Marais’ passion, energy and focus on the company’s growth trajectory, stating unequivocally that she is the best person for the job.
The appointment of Jeanette Marais as South Africa’s first female CEO in the life insurance industry reflects the country’s continued progress towards greater diversity and gender equality in leadership positions. Her achievement not only breaks down barriers, but also serves as an inspiration to aspiring female professionals in the industry, demonstrating that talent and determination can lead to breakthrough opportunities.
